I’m back with Tom Krol, and we’re talking about the fastest way to get to $100K per year with coaching. It’s a lot easier than you think. Some people do coaching part-time as a side hustle and bring in $2,000 to $3,000 a month, which is phenomenal. We’re also going to be talking about this in our upcoming Coach Marketing Workshop in Orlando on May 18th and 19th. Check out the link below for more information. We’re doing it live and keeping it small, and we’ll even show you how to get to $100K per month!
The number one reason why Tom has such a high success rate with his students is because his business wasn’t made in coaching coaches. He was an actual coach, and there’s a huge difference. People want to learn from others who are doing exactly what they want to do, not from a person who just read all the books and teaches techniques. Tom and I dive into what makes a great coach and how to get your business off the ground. We also talk about why you need to dial in your messaging, know your customer, and position yourself as the solution to your target audience’s problem.
Watch and learn:
Listen and learn:
- How to get to 100K in a year through coaching.
- How to position yourself as a problem solver.
- Information on the upcoming Coach Marketing Workshop (Orlando, May 18th & 19th).
Mentioned in this episode:
Download episode transcript in PDF format here…
Joe: Joe McCall with Tom Krol again.
Tom: Good morning. I’m doing great, brother. It’s good to see you.
Joe: Good to see you, too. Guys, we’re so excited about this little podcast because we’re going to be talking about the fastest way to $100,000. And it’s a lot easier than you think. Some guys kind of freak out about, man, how am I going to make my next. Well, first of all, Tom, would you agree if somebody is worrying about how to put food on their plate, they shouldn’t be a coach?
Tom: Well, I think I’ll tell you this. I think this is what I would say about that. I think there’s it’s a pendulum, right? I think that there are people out there who have who are working hard, who found a side hustle where they can keep their full time job and they can make an extra 2000 or $3,000 a month working three or 4 hours a week as a side hustle. And those people, sometimes they downplay how phenomenal that is. And I’m here to tell you, right, that you can make a multi-million dollar coaching, consulting, mentoring business agency on if you know how to create a biz up opportunity where you can make 2 to $3000 a month working part time. The problem that I think you and I always see is that there’s a lot of things on the Internet that are just not congruent. So there’s people who aren’t doing anything. This is what does the in talks about in the Millionaire Next Door, they have a ten gallon hat and no cattle and the number one thing that I would say is be true and authentic to yourself if you really you know, Joe is. Joe and I are going to be showing right now how to get to 100 K per month consistently. And if you’re struggling to do that list, go back and listen to some of the things that you’re talking about. Are you are you not being congruent with reality? So, yeah.
Joe: Let’s actually make it even simpler, Tom Let’s get to 100 K in a year, all right?
Tom: Oh, is that what we’re talking about? Oh, yeah, that’s easy. 100K in a year. I thought we were going for 100K in a month, I wrote a whole bunch of notes here.
Joe: So, listen, we are going to talk about how to get to 100K in a month at our coach marketing workshop. There’s my fancy graphics I just did a minute ago right there. Coach Marketing Workshop dot com May 18 through 19th in Orlando, Florida. Tom and I are going to be doing another awesome workshop. We did one last year and I did one by myself the year before and I got to get Tom to do this. I remember seriously, Tom, two years ago I did it by myself. I was like, I miss Tom. I go to bed at night thinking about you all night, thinking why can’t Tom be with me at the next one?
Tom: Well, I’m excited to do it with you. And the hotel we picked is ten times more beautiful, and we’re going to have a great adventure. And I can’t wait. It’s going to be awesome. So.
Joe: All right, so go get at the coach marketing workshop. We’re doing it live. We’re only we’re keeping it small, but we will be talking about how to get to $100,000 a month. But let’s talk about how to get to 100K a year. First of all, Tom, let me ask you, because you’re so good at this and you’ve had such great success with your clients, getting them there. You just took on a small group of clients a year ago or whatever. Talk about the results, that little small group you had in coaching, the success they had.
Tom: So we put together my trajectory on being a coach is first and foremost, and most importantly in this, I’m going to NLP you guys, I’m going to ring the victory bell to do a pattern interruption. So you really hear this. The number one reason why I have such a high success rate with my students is because I was a coach, Joe was a coach. Our business was not made in coaching coaches. Our business was made in being a coach. And this is a world of difference, guys, personal experience and authenticity in this. If I’m going to learn from somebody, I want to learn from the person who’s actually doing what I want to do, not from the person who read the books and then teaches me what to do. So first and foremost, that’s most important. But my trajectory was I started off like I started off like I do all of my other stuff I do. It’s OBO. It’s first one on one. I had a 100% success rate with all of my one on one.
Joe: Wait a second. 100% success rate. How many did you have?
Tom: So my one on one students include some of the biggest coaches out there, and you guys already had heard a lot of them. So you’ve heard a lot of their names. It includes people like Brent Daniels and other people who came up and I coached them one on one. So every person who paid me a significant amount of money at that time, my one on one was 100%. They all went on to make more and let me and I wanted to find because this is something that I want to be clear about. Not all of them are multi-millionaires, right? Not all of them went on to become multimillionaires, but they all made more money than I charge them. And I charge those people a significant amount of money.
Joe: You did.
Tom: So. So that was that was first. Then I said, I wonder, you know, let’s put this into just like my coaching business. Let’s now move on to what I call a beta group. So it starts off with one on one, then it goes to a beta group. We’ll talk about this trajectory. And how you should do it in your business when Joe and I are at the Coach Marketing Workshop. But then I went out to a beta group, so I took 14 people. Almost all of them had no product. They were just experts in their field. Right? But they had no product, no audience for the most part. And we took those 14 people. They all went on to do their first deal and start a coaching business, which was phenomenal. So there was a 100% success rate, which is unbelievable. And by the way, unheard of. I mean, I have coaches. Yeah, I just want to say what they were just so key. I would I have coaches when I started a decade ago and I took their how to coach workshop to this day. Darren Bentley just sent me this. One of them is still using my testimonial, which I literally this guy, I just said he was a good guy, but he kind of twisted this thing and he still uses like this about this thing.
Joe: What would you guess his success rate is?
Tom: Oh, it’s absolute. I think that if you look at any coach who coaches who never had a coaching business, besides coaching coaches, their success rate is always going to be lower because there is nuance and there are subtle things that you and I do as real in the trenches. Coaches who built a scalable business that has done millions and millions and millions of dollars. And there are things that you and I do, we just do them differently. So and I’ll give you a perfect example because this is something that everyone listening who is interested in starting a coaching, consulting, mentoring or agency business can relate to. When you listen to the coaches who coach coaches that never had a coaching business, the number one thing they’re always going to teach you is some sort of a marketing track. That’s what their focus is because that’s they’re focused on marketing. But the problem is what comes before marketing is messaging. A marketing is only an amplification of your message. So if you don’t understand some of the basic principles of messaging, for instance, let’s talk. Joe, can we just dive right in on the how to make 100K year because we can get right into that.
Joe: Yeah. So I just wanted to emphasize this track record of success that you’ve had coaching these people already and you just said it really. But these have to be experts in their field. These have to be legit people who are already good at what they do and they care about people. It’s not just about the money, but the money’s nice. So if you are an expert at something, could be real estate. It could be selling insurance. You can now coach other people and help other people to do that as well. So that’s the point of this podcast. How what’s the fastest way time to get to 100K a year selling your knowledge, your experience, your expertise?
Tom: So in my estimation, this is the this is the key. This is what is critical. If you want to start making over one six, six figures a year at least as a coach, consultant or agency, you first of all, before you do anything, you have to dial in your messaging. So the first your first goal, you say, okay, like what is my first objective? I want to get to 100K in a year. What is my very first thing, right? Let’s just call it $10,000 a month. The first rule is you’ve got to get 10 to 20 k a month as fast as possible with just hard work and not spending a penny. This is one of the other keys that you see with the trajectory of successful coaches. Is there some people use a term bootstrapping? I don’t like that term. I like the term income funded, right? So what they do is they go out and through hard work and grit and perseverance, they dial in their messaging, they see what attracts people to get them to raise their hand. And I’m going to talk about how to do that in one second. And then what they do is they start generating 10 to $20000 a month right out of the gate. And you can do that so quickly. I mean, literally, Joe, I have a student who just started with me. I don’t want to say who he is, but he is phenomenal. And in less than 24 hours and I will if you want, I’ll send you the picture of the text that you can add that to whatever you do with this. He did a 30,000, close to $30,000 student and then had a $25,000 student who he was like on the fence. He said, I’m probably going to close that person too. So that’s 55. That’s 30,000 collected, possibly 55,000. That was in less than 24 hours of our first conversation, which is phenomenal. So what’s the first thing that you do is before you spend a penny, you start making 10 to $20000 a month. Let’s talk about how do you do that? First, you have to create a message that is perfectly clear to everybody. Let me give you a few of the tools and tricks to do that. Number one, your biggest chance of creating a message is to start at what we call the top of the funnel. What that means is if you say, like, I’m going to teach you how to make money doing your first real estate deal, whatever it is, landlording sub to wholesaling. Creative financing. You know, blah, blah, blah, arbitrage or whatever. Whatever it is, it doesn’t matter. Or some bizarre opportunity, whatever it is, always begin with the beginner. The reason that you begin with the beginner is because what every other coach knows out there who’s gone on to create a sellable, scalable cash cow coaching business understands is that all of the money, all of the opportunity, all of the people you can help, they all live at the top of the funnel. When you say I’m going to start with the beginner, the person who says, I want to get started solving this problem of income or health or fitness or whatever, and I don’t know where to start. You’re talking about 35 million people at that funnel. As soon as you say, I want to go to the people who’ve already done a deal, your funnel goes like this and you’re talking about 3500 people that a ton of people are competing for to get. So just like Tony Robbins, Dan Merrill from Fortune Builders. Bigger Pockets, Brandon right and Josh, Jim Rohn, Pat Flynn, Amy Porterfield, Jeff Walker on and on and on. Dave Ramsey. The whole trick to this is start with the top of the funnel. When you start with the top of the funnel, you could still do upsells for expensive coaching to more to bigger players. But you’ve got to start with and you and here’s the king of your messaging. The key to your messaging is you have to create a message that when people hear it, they either turn you up or they turn you off. That is the key to getting to 100 K right away, which is when people hear your message, just think about all the great men and women of consequence alive today and in the past, right? Every single one, without exception, had a message that said, I don’t like this guy. I don’t trust him. I don’t want what he has. I don’t like him. Somebody change the channel, Get this guy off the air and the and the people and the other message. The other group will say, Oh, I like this girl. She has exactly what I want. I’m a single mom with two kids, too, and I’ve been trying to make a side hustle, then come in or do my first deal or solve this problem or have a So they say, Everyone be quiet, be quiet. Turn this up. I can’t hear what he’s saying or what she’s saying. So the reason that you’re not doing that is because you have a fear of missing out. And what your fear is. You say, Well, I can help you, but I can also help you and you and you and you. And when you can help everyone, the problem is no one even here’s your message. You’ve got to be Robert Kiyosaki. Debt is good. Your house is not an asset. You know, leverage, debt, other people’s money or you have to be Dave Ramsey. Debt is bad. Cut up your credit cards, stupid, right? You’ve got to pick one or the other. So the first thing to solve before you do anything else is start cutting out who is going to like your message. You want to you want to write what is Alex or more, as you say in his book, Don’t make me slap you. Right? So I’ve got to get to power. You got to get your messaging super dialed in so that because when it’s dialed in, the first thing it does is it breaks through that barrier of all that noise so that people can actually hear you. That’s the first most important thing to do that’s so important.
Joe: And I was thinking about this with what you’re saying. I like to call it the five ones. The five one things, right? Number one, you need to know who your one customer is.
Tom: Oh, I like that. Okay.
Joe: You need to have one. And you’re solving one problem and you only have one solution and then you have one. I don’t know what to call it yet, but maybe like a one conversion thing that might be watch a webinar or might be get on the phone. Like, Oh, I remember I have another one. Yeah, like a what? Yeah, one call to action. Thank you. That’s good. One source of traffic, like that’s Facebook or Instagram. It’s not Facebook, Instagram, YouTube, podcasts, all of this stuff. You pick one traffic channel, right? 100% one year all that if you if guys if you just did that, you’d make $1,000,000.
Tom: Hey I like your notebook. I like your notebook.
Joe: Guess who sent these to me? Bam. Just don’t send me any shirts, please. Don’t send me any shirts.
Tom: You got it.
Joe: Can I repeat that? One customer, one problem or one solution to their problem? One call to action, one source of traffic for one year. Yeah. Six, six one things. Is that good? I like that.
Tom: Well, you know, sometimes, guys, because you have two guys on this podcast who have had some success, some measure of success. And sometimes it’s hard to see the little things that a successful people are doing. But if you are thinking about this and you’re hearing it and you’re saying, Oh yeah, maybe Joe is right, maybe he’s not right, here’s what I would challenge you to do. Whenever you’re when you ever you hear a piece of information like what Joe just shared, go out and ask people who are struggling what they’re doing. And here is what you will hear, the exact opposite of that. So what you’ll hear is you’ll say, like, for instance, if you talk to a new real estate investor and they’re struggling or they have roller coaster income and you say, well, how are you finding your deals every single time? 100% of the time, this is what they’ll say. Well, I spoke to some real estate agents and I also did some cold calling. I put out some bandit signs. I also did some direct mail. And I also put up a billboard. When you talk to somebody who’s making 100K per month, this is what they say. I do this one traffic channel. I totally dominated in my market. I know what time, what color, what font when the send it, who to send it to, how many times a week to send it. I know my exact conversion ratio, I know they become almost what’s called prophetic meaning they get they could determine what’s going to happen in the future on their income because they know their channels so well. So when Joe is saying one CTA, one traffic and here is the reason why this is a successful recipe with these ingredients, this is the reason because if you pick the wrong channel, if you picked the wrong message because you’re so focused on one thing, just like Gary Keller, the one thing like Scott Alexander, focus on charge at one thing like Daniel Yap in the pumpkin plan, right? One pumpkin cut off the other pumpkins. Mike McCalla, It’s Daniel Lapin. Specialization. Every single successful man or woman before us has said this. When you do that, if you’re messing up, you will. This is something that’s a principle I follow, which is ten weeks, not ten months. You will know in ten weeks if you’ve made a bad decision and what’s not working, as opposed to somebody who’s doing a lot of little things, they don’t find out in ten months. And in that ten months, that’s a killer that I talk to.
Joe: And it’s such good advice, man.
Tom: So we came from you. There you go.
Joe: Listen, all right. It’s simplicity, because people want a solution from you. They don’t want ten different solutions, right? When I’ve created courses in the past, the ones that did the worst, where I had the worst success is when I gave students too many options, too many different things to do. And I thought I was over delivering on the value. I thought that’s what they wanted. I thought they wanted a thick course with hundreds of hours of videos on it. I thought they wanted five different ways to find sellers and three different kinds of offers that you can make. And what happened? They got overwhelmed. They quit. They’re like, Oh, this is too hard.
Tom: The reason is too because guys, we as coaches, as mentors, as consultants, we are not you don’t have to solve an information problem. There’s nothing that people are going to learn from you that they can pick up on YouTube for free in 3 seconds. So what are you actually doing as a coach? You’re providing clarity, results, permission. You’re an advocate, you’re an advisor to these people. You are giving them permission and confidence to take uncomfortable action in a sequential way. That’s what you provide as a coach. So don’t try to solve that information. Nobody. Nobody’s paying you for information. That’s not that’s not the key to coaching. Yeah, So I love it. So yeah, that’s I would say, Joe, to answer your question, the first thing that you have to do is you really have to clear, you have to get your message. And of course, in the workshop we’re going to really deep dive this, but you’ve got to get your messaging dialed in 110%. That’s the most important thing.
Joe: Yeah, I like too, we did this exercise last workshop where we put people on a hot seat and we had them really drill down on who their customer was and what their problem was. And it was amazing to me. And I get it. It’s hard when you’ve got entrepreneur ADD, right? It’s like this definition of an entrepreneur is find something that works and stop doing it and doing something else right? When you get a roomful of entrepreneurs you like, All right, who’s your customer? Well, it’s so and so and so and so and so and so. Okay, now this. Pick one. Okay, so and that. Right. It’s so hard to do that. And then what is their problem? And sometimes, like, that’s the hardest part, but it’s the most important, isn’t it. Understand what your customers problems are.
Tom: And I think, you know, it’s interesting. One of the things to look for, because Joe and I noticed this at the last conference is whenever you have an entrepreneur who’s struggling, they’re not getting to, you know, at least 10 to $20000 per month. What you will hear them do if you listen very, very carefully, is when you ask them what they do or who they do it for, they’ll always gloss over. When they add a second group, they’ll say, Well, yeah, I mean, this is yeah, I mean, no, this is 100% just for beginners and people who did the first deal. And then it’s like, why did you just say so? They’ll kind of gloss over it really quickly. But again, it’s because they want to speak to everyone because they feel like if they don’t, they’re missing out. But the reality is the truth is, is that when you do that, you’re you are guys hit. Let me tell you about a simple little and you could take this right to the bank. This is so true. You should always remember this first of all one person and when and just remember which one it is, which is a beginner. When you speak to the beginner, you attract the beginner and you attract the professional. When you speak to the professional, you attract the professional and you repel the beginner. So I’m going to tell you that if you want to dial in your message. There should be a lot of people who say it’s not from a niche down and it should always be the people who are wanting to come towards you. It’s going to be that big.
Joe: So yeah, you brought up Dave Ramsey and that’s so good. I like the polarizing thing that you got to stand for, just like your shirt. You know, like people are going to love you, Tom, for your shirt or they’re going to be like, Now my bald head, they’re going to be like, I love Joe’s bald head. I wish I had a bald head like his or Right.
Tom: Or what an ugly dork.
Joe: So, I don’t know, like, you got to stand for something or you’ll fall for anything, as they say, right to be. Oh, yeah. I was going to say, Dave Ramsey, one of the things that whether you like him or not. What’s his one thing? It’s getting out of debt being debt free. That says one thing. Right. And he’s built a multiple hundreds of millions of dollars a year business based on these six little baby steps. Right. This doesn’t teach people how to get rich in real estate. You could I don’t think you do as well, because it’s not the biggest part of the funnel. All right so Tom, we got just five more minutes. Okay. You’re sitting down with somebody who wants to get to ten grand a month, 100 grand a year doing coaching. What are the first one or two things you’re going to have them do once they figure out who their customer is and their end? The one problem they’re trying to solve, how do they get the attention? How do they get people to find out about them?
Tom: Yeah. So, you know, one of those people in that group that we that you were referring to, the beta group of, I had 14 people come. Most of them had no audience. They had no they didn’t have a product. And I just will say two very quickly, this is the other tremendous, enormous show stopping mistake that a lot of new coaches and consultants make in agency owners, especially agency owners, tend to make us want even the most. What they do is they follow what I call the B.S. method. And the B.S. method is I’m going to build it and then I’m going to sell it. This is a big mistake. Every culture is worth their weight in salt will tell you if you look at their trajectory, including Dave Ramsey, if you look at how Dave Ramsey started, he first you sell it, then you build it. And the secret is when you sell it first, guess who’s building it? Not you. The students are building it through their questions, through their inquiry, through their confusion, which what you do when you sell and then you build, you’re putting helping first you’re being a generous expert. You have accomplished something. And the course is being built in a wholesome, organic way through getting Johnny, Sally and Bobby to their first deal. Whereas when you build a course first and you go into a studio and you start recording modules and you don’t have a single student and you’re just worried about is the is the, you know, are we doing a closed captioning font on the bottom of the screen and the lighting? And when you do it that way, you’re wasting time, you’re delaying revenue. One of my first rules in business is revenue. And first that is my first role in business is revenue in first position because you can’t help anybody if you don’t have revenue. So yeah, before we even talk about getting to 100 per year, let’s talk about getting to 100K per year, right? Meaning like let’s not waste a whole bunch of time. And this is especially true for people because a lot of the people that Joe and I coach are already multi-millionaires and that’s awesome. But money is not going to solve this problem. You have got don’t follow the B.S. method where you build and then try to get frustrated selling and figure out like a marketing funnel tunnel, webinar seminar or whatever. So sell it first and then let your students build it and that will get you 100K way faster. The other thing I would say is if you want to, there is absolutely no way around this. You have to put yourself out there as a coach. You have to start talking about what you do and who you do it for. So very quickly, because I know we only have about 2 minutes left here, what I will say is I follow there’s eight methodologies that I follow to do this, just eight steps or eight different things that you do. They’re all very sequential. They’re very simple to do. Anybody can do them. But one of those things is going to be like picking a social media platform and starting to go live. You know, this is something that Joe and I both know, Ray, he came into my 14 day, my 14 person challenge, my beta group. This kid did hundreds, over $100,000. He had no product, no audience. He first he was talking about doing something with cars and then he went to land. I am telling you, this is super. Now he had extraordinary results and not everyone’s going to have those results right out of the gate. Especially he did. I don’t quote me on this. I don’t want to say specifically, but I know it was a it was like six figures in like several years. There was huge. Yeah. So but, you know, don’t quote me on that if it’s right around there somewhere. But here’s what I’m going to say. The reason he did it is because he followed a very simple trajectory of how to kick start a coaching business the right way. Because if I’m telling you guys I have worked with I have so many examples of people who Joe and I both know very successful in their area of real estate or whatever it is, they’ll come into coaching and it totally falls flat because. They start building something. They don’t have their messaging dialed in. And it’s just it doesn’t work that way. So you got to put yourself out there. And Joe, when I use eight different, there’s eight little tricks that you could do. It takes about an hour a day to get started. And that is going to get you to 10 to 20. And let me just one other quick thing. I know we’re out of just good. I just want say one of the guys, let me tell you this. If you are specifically in real estate, real estate is tough. It’s a lot of people call it a business. I don’t know about that. I know some of the most successful real estate people. I would say they’re like it’s a little bit different. I don’t know if it’s quite a business. On the investor side, which is why SBA won’t give a loan to buy a business, you know, a business in real estate. Right. So great place to put your money. Great place to make a lot of money. Great place to invest your money. Right. But when it comes to business, coaching is a business that means it’s very easy to build it, to sell it, to build it, to scale it to where you could create this cash cow. So I just would encourage you that when you’re going through this process, just be cognizant of that specifically if you’re in real estate because there is some difference. And that’s what I wanted to say to to that point. When you get to 10 to 20K per month, you can then hire the people, anyone listening to this podcast. I would not hire any of you to be my executive assistant, my marketing person, my sales person. So as soon as you make 10 to 20K per month and you do that for a month or two, then we just hire the people and we replace you and we drive a wedge between you and the business. You don’t have to do that stuff. You don’t have to start, you know, editing your podcast or whatnot or whatever, right? Like there are people that you hire to do that stuff. So we the whole trick here is we want you to get your 10 to 20K per month as fast as possible. We want to then codify what you’re doing and bring in a team to replace you because you can afford those team members when you’re at 10 to 20K per month.
Joe: Yeah, one step at a time. We got to go because we’ve got some phone calls to make and business to do and money to make.
Tom: Oh, yes, I have a 10:00 call. I’m late.
Joe: Coach Marketing Workshop dot com. Coach Marketing workshop dot com. We’ll do some more about this stuff, but we look forward to seeing you in Orlando. Thanks, guys. Thanks, Tom.
Tom: Good morning to you guys. See you, Joe.
Joe: Bye bye.
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